Fintel's Defaqto Secures First Six Contracts for New Data Analytics Tool
Why we think this is good
The sentiment score of "GOOD" is justified based on the following factors: - The RNS announces that Fintel's Defaqto division has secured the first six contracts for its new Matrix 360 product, indicating early market traction and adoption. - Matrix 360 is described as an enhanced version of Defaqto's existing successful Matrix software, which already has a strong market position, suggesting it has a solid foundation. - The software is underpinned by Defaqto's extensive financial product database, the largest in the UK, providing a competitive advantage. - Matrix 360 is positioned as an innovative and valuable tool for insurers, with the potential to drive efficiency, compliance, and new revenue opportunities. - The positive customer quote from Frontier Insurance further reinforces the product's benefits. However, the lack of financial details or metrics around the initial contract wins, as well as the company's assessment that the announcement is not "material," temper the overall positive sentiment, as the true impact on Fintel's performance is unclear.
Key Points
- Fintel's Defaqto division secures first six contracts for new Matrix 360 product intelligence software
- Customers include major insurers such as Zurich, RAC, Frontier, NFU Mutual, and Policy Expert
- Matrix 360 is an enhanced version of Defaqto's existing successful Matrix software
- Software is underpinned by Defaqto's extensive financial product database, the largest in the UK
- Positioned as an "industry first, game changing tool" for making smarter decisions, identifying new revenue, and improving compliance
- Company states announcement is not considered "material" or to have a "significant impact"
Summary
Fintel PLC, a leading provider of fintech and support services to the UK retail financial services sector, has announced that its Defaqto division has secured the first six contracts for its new Matrix 360 product intelligence software.
The customers include major insurers such as Zurich, RAC, Frontier, NFU Mutual, and Policy Expert. Matrix 360 is described as an "enhanced version" of Defaqto's existing successful Matrix software, which already supports over 80% of the UK's general insurance industry.
The software is underpinned by Defaqto's extensive financial product database, the largest in the UK, covering general insurance, life and protection, retail banking, and wealth management. It is positioned as an "industry first, game changing tool" that can help customers make smarter decisions, identify new revenue sources, increase efficiency, and improve compliance.
While the company states that this announcement is not considered "material" or to have a "significant impact on management's expectations of the Company's performance," the initial contract wins demonstrate early market traction for this new data product. Fintel suggests there is "much more to come" in terms of the expansion of Matrix 360 into other financial services sectors.